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For the file that you're looking for, click on the link under "Attachments" in Barry's original post. Or click on the link below.

I just noticed with my current bill that my APR has gone from 9.95% to 20.19%. I usually keep the balance pretty low, but how can they make this change if I've never been late, for the last 4 months have kept the utilization to 20% or less (current is 0%) and I've only had the card since 9/09 (5 months for this time of billing APR % increase).

The question I have is about the minimum payment credit card companies are now reporting due to this act...

I just pulled my credit report and it shows the minimum payment amounts to be be the payment amount that I would use to pay off the balance in three years according to the truth in lending disclosure. It does not show that the actual minimum payment amount is on the balance. This obviously would affect the amount you show as going out every month on your credit report. For example, if it shows I must pay $300 a month versus the actual minimum of $180, that is going to lower my percentages. I pay more than the mininmum every month, but the point is that it is showing the "wrong" payment amount on my credit report.

I am unable to download the creditcard Act, but learning about it has been on my list of things to do.

Would someone tell me if this benifits consumers... a brief summary-in lamest terms.

Thank you

I'm sorry you're unable to look at the summary offered by myFICO. Here it is word for word. Follow this link to see the full Credit Card Act 2009.

Significant changes to the terms of your credit card must be given 45 days prior to the change taking affect.

Under current rules, credit card companies only needed to give 15days notice prior to making certain term changes.

Over-limit fees will be prohibited unless you consent to pay for the privilege.

Your credit card bill will now be due on the same calendar day every month.

This means you can schedule payments each month knowing exactly when your bill needs to be paid.

When you open a new account, your interest rate must stay at the opening rate for at least 12 months.

Even if a consumer’s rates are raised after 12 months, the increased rateonly applies to new purchases – not the balance accrued in the first 12 months. There are afew exceptions that allow a rate increase such as a 60-day delinquency on the account, avariable rate, the completion of a workout plan or temporary hardship arrangement, or an expiration of a specified period of time.

Statements must be mailed at least 21 days ahead of when they are due.

This provides you with more time between when you receive your statement and when your bill is due.

If you’re under 21, it will be difficult to open a new credit card account.

You’ll need a co-signer or show proof of income.

You can “opt-out” if you don’t like the terms your credit card companies send you.

Your card may be closed, but you will have multiple options for paying off your balance, including having up to 5 years to pay the card off – under the terms you had before opting out.

Other accounts can’t be used as the basis for raising your interest rate.

This practice known as “universal default”, allowed late payment or defaults on other bills (such as utility bills) to be cause for raising your credit card interest rate even though those other accounts are not related to your credit card account.

Restoring good payment history will lower a raised APR.

If you are reported as delinquent on your credit card payments for 60 days your APR can be increased, but it must return to the old rate if you make 6 consecutive payments thereafter.

Payments go towards higher interest rate balances first.

For example, if you have a cash advance balance in addition to a regular purchase balance, it’s very likely the cash advance has a higher interest rate associated with it. When you pay more than your minimum, the excess amount goes toward paying off that higher interest rate balance before the rest of your balance.

It may be harder for those with bad credit to get credit.

The Federal Reserve openly recognized that these new rules may make it difficult for those with bad credit or limited credit histories to qualify for a new credit card.

Increased protection for gift card holders.

Gift cards now cannot expire for at least 5 years and no inactivity fees can be assessed unless the gift card goes unused for at least 12 months.

new FHA rules vs Capital One indefinite APR change

hi, according to the FHA PDF, is after 6 months of the bad APR, the rate is suppose to return to regular. However, Capital One states in their paperwork that one missed payment means you default to the higher APR indefintely. is Capital one allowed to do that?

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